Rundown and dated homes that are ripe for a rebuild or renovation have become a hot commodity in land poor inner Sydney, where there are few vacant sites left to build a dream home.

Older properties described as everything from “character filled” to a “blank canvas” or “original home in need of some tender love and care” are bringing in strong demand and prices that are giving modern neighbouring properties a real run for their money.

Many of these properties, particularly those in prime locations, are snapped up well above reserve when they hit the market, often as deceased estates that have been held within a family for decades.

Paddington home

Late last month a two-bedroom freestanding weatherboard home in Paddington on about 183 square metres sold at auction for $1,920,000, more than $400,000 over reserve.

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